Rich Hongkongers rank travel over real estate in shifting life goals, survey shows

A new survey by Standard Chartered has revealed that the top life goals of affluent Hong Kong residents have shifted away from real estate investment, with travel emerging as a new form of investment. Conducted in June, the survey interviewed 1,058 affluent individuals aged 30 or above with investible assets of at least HK$1 million (US$127,449).

Among these respondents, only 24% chose buying their first home or owning a dream home as a life goal, ranking seventh on the list. Immersive travel came in second place, chosen by 48% of the rich Hongkongers, just behind early retirement at 49% and ahead of holistic wellness at 47%. For those with investible assets of HK$7.8 million or more, 72% believe that travel can build intangible capital, broaden outlook, and sustain long-term well-being.

Affluent parents also view overseas travel as the most valuable component of their child's educational investment, ahead of tutoring and extracurricular classes. Home ownership has traditionally been a crucial asset in Hong Kong's pricey market, contributing over 30% of the city's GDP from 2000 to 2003, but has since declined to around 21% in 2021.

With travel now a priority, HNWIs plan to spend an average of HK$345,000 on travel this year, which is higher than the HK$153,000 among all respondents. This figure, however, is still lower than the HK$870,000 spent in 2024 when post-pandemic outbound tourism was popular. Two-thirds of HNWIs now spend more on travel than on daily living expenses like dining, entertainment, and lifestyle consumption.

Additionally, cardholders of the Standard Chartered Cathay Mastercard have grown by more than 30% year on year in June, with credit card spending increasing by over 40%.